1. Which accounts are used in a merchandising business but not in a service firm? 2. What is the primary revenue account in a merchandising business? Can a merchandising business have a Service Income account? 3. What are the two systems of maintaining inventory? Briefly define each. 4. If you are going to put up a business, what type of business would you wan to establish? Why?
1. Which accounts are used in a merchandising business but not in a service firm? 2. What is the primary revenue account in a merchandising business? Can a merchandising business have a Service Income account? 3. What are the two systems of maintaining inventory? Briefly define each. 4. If you are going to put up a business, what type of business would you wan to establish? Why?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Which accounts are used in a merchandising business but not in a service firm?
2. What is the primary revenue account in a merchandising business? Can a merchandising
business have a Service Income account?
3. What are the two systems of maintaining inventory? Briefly define each.
4. If you are going to put up a business, what type of business would you wan to
establish? Why?
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